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☆ South Korea focuses on fiscal discipline with smallest budget increase in two decades
▼ + stars: | 2023-08-29 | by ( Jihoon Lee | ) www.reuters.com time to read: +3 min

A South Korea won note is seen in this illustration photo May 31, 2017. In its annual spending plan released on Tuesday, the finance ministry set total government expenditure for 2024 at 656.9 trillion won ($496.70 billion), up 2.8% from 2023. Big spending increases include social welfare, up by 7.5% to 242.9 trillion won, defence up 4.5% to 59.6 trillion won and corporate support by 4.9% to 27.3 trillion won. The government will issue 158.8 trillion won of treasury bonds in 2024, down from a total of 167.8 trillion won planned for this year. The net increase in treasury bonds is projected at 50.3 trillion won.

Persons: Thomas White, Yoon Suk, Choo Kyung, 1,322.5400, Jihoon Lee, Shri Navaratnam Organizations: South, REUTERS, Rights, Thomson Locations: South Korea, Rights SEOUL

☆ Dollar soft as markets brace for data fest; yen under pressure
▼ + stars: | 2023-08-29 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

The dollar index , which measures U.S. currency against six key rivals, eased 0.077% at 103.85, after slipping 0.2% on Monday. The index is up 2% this month as resilient economic data bolstered expectations that interest rates may stay higher for longer. The yen inched up 0.12% to 146.36 per dollar in Asian hours but remained close 146.75, its lowest level since Nov.9. Japan intervened in currency markets last September when the dollar rose past 145 yen, prompting the Ministry of Finance (MOF) to buy the yen and push the pair back to around 140 yen. The Australian dollar added 0.03% to $0.643, while the New Zealand dollar eased 0.02% to $0.591.

Persons: Dado Ruvic, Jerome Powell, Carol Kong, CBA's Kong, Jackson, Chanana, Ueda, Sterling, Ankur Banerjee, Shri Navaratnam Organizations: REUTERS, Rights, U.S, Reuters, Commonwealth Bank of Australia, Ministry of Finance, United, Saxo, Jackson, New Zealand, Thomson Locations: Japan, United States, Tokyo, Singapore

A general view of the drug product manufacturing laboratory in biologics and sterile injectables, Catalent, in Brussels, Belgium June 27, 2023. The sources declined to be identified because the information is confidential and cautioned a deal could still collapse at the last minute. Spokespeople for Catalent and Elliott declined to comment. In the past when Elliott has pushed for sales of pieces or the entire target company, including at eBay and Switch Inc., and then won board representation, significant ownership changes have followed. Novo Nordisk's weight-loss drug Wegovy is filled by Catalent’s Brussels factory and last week Reuters reported that Catalent’s plant in Bloomington, Indiana will begin filling Wegovy injection pens for Novo.

Persons: Yves Herman Acquire, Elliott, Catalent, Elliott isn't, Keith Meister's, Scott Ferguson's, Mauricio Gutierrez, Svea Herbst, Bayliss, Maggie Fick, Shri Navaratnam Organizations: REUTERS, Catalent, Elliott Investment Management, AstraZeneca, Johnson, Moderna, eBay, Inc, Deutsche Bank, Management, Capital Management, Reuters, NRG, Svea, Thomson Locations: Brussels, Belgium, U.S, Bloomington , Indiana, Novo, Boston, London

Chevron's Gorgon and Wheatstone projects account for more than 5% of global LNG capacity, and news of the possible strikes sent European natural gas prices surging. "It's set to cost Chevron their LNG exports as (the industrial action) starts to bite," said the alliance that groups together the Maritime Union of Australia and the Australian Workers' Union. The unions last week warned that work stoppages could cost Chevron billions of dollars. "Ten hour work stoppages: it is a harsher initial industrial action than what the unions contemplated for Woodside," he said. Last week, Offshore Alliance and Woodside (WDS.AX) resolved worker disputes at North West Shelf, Australia's largest LNG facility, after negotiating higher wages, job security and employee-friendly rosters, averting industrial action.

Persons: Gaby Oraa, Wheatstone, Saul Kavonic, Renju Jose, Lewis Jackson, Florence Tan, Alasdair Pal, Chris Reese, Shri Navaratnam, Tom Hogue Organizations: Chevron, U.S, REUTERS, SYDNEY, Workers, Reuters, Offshore Alliance, Maritime Union of Australia, Australian Workers ' Union, Shell, Energy, Woodside, North West Shelf, Thomson Locations: Venezuela, Caracas, SINGAPORE, Australia, Woodside, WDS.AX, Asia, Chevron, Sydney, Singapore

☆ Asia shares rally as China measures boost market
▼ + stars: | 2023-08-28 | by ( Wayne Cole | ) www.reuters.com time to read: +5 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) climbed 1.4%, having eked out minor gains last week to break a three-week losing streak. The improvement in risk sentiment saw EUROSTOXX 50 futures add 0.7%, while FTSE futures were closed for a holiday. S&P 500 futures and Nasdaq futures both edged up 0.1%, extending last week's modest rise. "We take this to mean that the FOMC does not intend to hike at the September meeting," wrote analysts at Goldman Sachs. Oil prices drew some support from a sharp rise in U.S. diesel prices, though concerns about Chinese demand remains a drag.

Persons: Issei Kato, Federal Reserve Jerome Powell, Goldman Sachs, Christine Lagarde, Ben Broadbent, Kazuo Ueda, Brent, Wayne Cole, Shri Navaratnam, Stephen Coates Organizations: Nikkei, U.S, REUTERS, payrolls, China PMI, China, Sunday, Investors, PMI, Nomura, Japan's Nikkei, Nasdaq, Federal Reserve, JPMorgan, European Central Bank, Bank of England, Bank of Japan, Thomson Locations: Tokyo, Japan, China, SYDNEY, Beijing, Asia, Pacific, Hollywood, Friday's, U.S

☆ Djokovic and Wozniaki make winning returns to US Open
▼ + stars: | 2023-08-28 | by ( Steve Keating | ) www.reuters.com time to read: +4 min

On the women's side, Coco Gauff was made to work for her place in the second round. Djokovic, prevented from playing in last year's U.S. Open due to being unvaccinated against COVID-19, began his latest campaign to match Margaret Court's all-time record haul of 24 Grand Slams with a 6-0 6-2 6-3 win over Alexandre Muller. read more"This court has seen so much history and so many battles," Djokovic told the New York crowd. SPARSE CROWDWhile Djokovic played in front of a packed house, Swiatek performed to a sparse sleepy morning audience. In contrast to Gauff's laboured win, Danielle Collins, the 2022 Australian Open finalist, turned on the jets to dispose of Czech Linda Fruhvirtova 6-2 6-0 in a lightning quick 52 minutes.

Persons: Serbia's Novak Djokovic, France’s Alexandre Muller, Mike Segar, Novak Djokovic, Caroline Wozniacki, Swiatek, Taylor Fritz, Frances Tiafoe, Coco Gauff, Margaret Court's, Alexandre Muller, Carlos Alcaraz, Djokovic, Frenchman, Arthur Ashe, Daniil Medvedev, Barack Obama, Michelle, Serena Williams, Swede Rebecca Peterson, mercifully, Daria Saville, I'm, Wozniacki, Tatiana Prozorova, Andy Roddick, Fritz, Tiafoe, Steve Johnson, Christopher Eubanks, South Korea's Kwon, Laura Siegemund, Gauff's, Danielle Collins, Czech Linda Fruhvirtova, Steve Keating, Pritha Sarkar, Shri Navaratnam, Peter Rutherford Organizations: Tennis, France’s Alexandre Muller REUTERS, U.S, Djokovic, COVID, Cincinnati, New, U.S ., Djokovic's, Russian, Wimbledon, South, Thomson Locations: Flushing Meadows , New York, United States, U.S, New York, Flushing, American, Cincinnati, Czech

A general view of the drug product manufacturing laboratory in biologics and sterile injectables, Catalent, in Brussels, Belgium June 27, 2023. Spokespeople for Catalent and Elliott declined to comment. The U.S.-based contract drugmaker is also Danish company Novo Nordisk's (NOVOb.CO) main manufacturing partner for its popular weight-loss drug Wegovy. The volatility at Catalent could increase scrutiny on the relationship between Novo and its partner. Reuters reported last week that a second Catalent factory will begin filling Wegovy injection pens for Novo as part of an expanded supply agreement.

Persons: Yves Herman Acquire, Elliott, drugmaker, Markus Manns, Catalent, Elliott isn't, Keith Meister's, Scott Ferguson's, Mauricio Gutierrez, Svea Herbst, Bayliss, Maggie Fick, Amanda Cooper, Shri Navaratnam, Bernadette Baum, Catherine Evans Organizations: REUTERS, Elliott Investment Management, Catalent, Novo, Reuters, Union Investment, AstraZeneca, Johnson, Moderna, eBay, Inc, Deutsche Bank, Management, Capital Management, NRG, Svea, Thomson Locations: Brussels, Belgium, U.S, Danish, Novo, United States, Germany, Boston, London

A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. The expected 0% year-on-year growth in home prices compared with a 1.4% gain tipped in the previous forecast in May, a Reuters poll of 12 economists conducted from Aug. 16-25 showed. "It is estimated that every one percentage point decline in property investment may drag down the GDP growth rate by 0.1 percentage points," said analyst Ma Hong at Zhixin Investment Research Institute. China observers are sceptical that the property sector could turn a corner in the near term despite Beijing's support measures. The government has suspended publishing data on youth unemployment, which has hit record highs in what analysts say is partly a symptom of regulatory crackdowns on big employers in real estate and other industries.

Persons: Tingshu Wang, Wang Xingping, Fitch Bohua, Ma Hong, Gao Yuhong, Xing Zhaopeng, Liangping Gao, Ryan Woo, Shuyan Wang, Shri Navaratnam Organizations: REUTERS, Fitch, Authorities, Zhixin Investment Research Institute, Thomson Locations: Tianjin, China, BEIJING

☆ China approves 37 retail funds to help revive market
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

A Chinese national flag flutters outside the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSHANGHAI, Aug 28 (Reuters) - China's securities regulator approved the launch of 37 retail funds over the weekend, part of government efforts to revive a stock market struggling for lift-off in an ailing economy. In an editorial on Monday, the official China Securities Journal said that recent support measures underline authorities' determination to stabilise the capital market, whose sound operation is essential to China's economic recovery. "A vibrant capital market is key to stabilizing people's expectations and increasing confidence," the editorial said. "Policymakers' resolve to revive the market and boost confidence must not be underestimated."

Persons: Tingshu Wang, Shri Navaratnam Organizations: China Securities Regulatory Commission, REUTERS, Rights, China Securities Journal, Shanghai, Thomson Locations: China, Beijing

☆ Aston Villa team bus struck by brick following win at Burnley
▼ + stars: | 2023-08-27 | by ( ) www.reuters.com time to read: 1 min

Aug 27 (Reuters) - A brick hit Aston Villa's team bus on Sunday as the side were travelling home from a Premier League clash at Burnley earlier on the day. The Lancashire Police stated that a brick was thrown from a footbridge at the team bus as it travelled along the motorway, hitting the windscreen. "We strongly condemn this behaviour and will support Lancashire Police in their efforts to find whoever was responsible," Burnley said in a statement. Villa won the match 3-1 against Burnley after defender Matty Cash scored twice in the first half. Reporting by Tommy Lund in Gdansk Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Burnley, Villa, Matty Cash, Tommy Lund, Shri Navaratnam Organizations: Aston, Premier League, Burnley, Lancashire Police, Thomson Locations: Gdansk

Only one of 22 economists, or 5%, expected the BOJ to start unwinding its ultra-easy policy this year, the Aug 15-23 poll found, significantly down from 50% in a July survey. Four said the BOJ will start unwinding in January-March 2024, five chose April-June, six selected July-September and another six opted for October-December. A separate question showed 73% of economists expecting the BOJ to end YCC next year, up from 50% in July. A question about when the BOJ ends its negative short-term interest rate policy showed 41% of economists anticipating it in 2024, down from 54% in a May poll. Economists raised their projection for Japan's fiscal 2023 GDP growth to 1.8% from 1.1% in the previous poll.

Persons: Issei Kato, Takumi Tsunoda, YCC, Kazuo, Ueda, Hiroshi Namioka, Kantaro Komiya, Satoshi Sugiyama, Susobhan Sarkar, Shri Navaratnam Organizations: Bank of Japan, REUTERS, Rights, Shinkin Central Bank Research Institute, D, Management, U.S, Thomson Locations: Tokyo, Japan

☆ Exclusive: China asks banks to limit some Connect bond outflows
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +3 min

[1/2] Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. "And it could also drive offshore yuan yields higher to support the renminbi." The southbound leg of the two-year-old Bond Connect scheme allows mainland institutional investors to purchase bonds traded in Hong Kong. Several measures have been aimed at raising the cost of shorting the yuan offshore. China's state-owned banks have taken steps to squeeze yuan this week by mopping up cash from the market, other sources told Reuters earlier this week.

Persons: Florence Lo, Ken Cheung, Vidya Ranganathan, Shri Navaratnam Organizations: REUTERS, Bond, People's Bank of China, Mizuho Bank, Reuters, Shanghai, Thomson Locations: SHANGHAI, BEIJING, Hong Kong, China, outflows, Beijing

☆ Hyundai Motor's union in South Korea votes on strike
▼ + stars: | 2023-08-24 | by ( Heekyong Yang | ) www.reuters.com time to read: +3 min

SEOUL, Aug 25 (Reuters) - Hyundai Motor's (005380.KS) unionised workers in South Korea on Friday vote on whether to hold a strike after two months of talks with the company over wage increase and extension of the retirement age stalled last week. If the union stages a strike, it would mark the first such action in five years related to wage negotiations at the South Korean carmaker, and could disrupt delivery of some popular vehicles which Hyundai has been struggling to ramp up due to prolonged component shortages. The voting result is expected at around 6 p.m. (0900 GMT), a union official at Hyundai Motor told Reuters, adding that the union will continue working-level negotiations with the management regardless of the vote. "South Korea has relatively low pension replacement rates, compared to other advanced countries in Europe. Unionised workers at Hyundai in South Korea held a four-hour strike for one day in July in support of its umbrella union's general strike, but it was not related to the union's wage negotiations with the management.

Persons: Ji, Kim Jinwoo, 1,328.0600, Heekyong Yang, Shri Navaratnam snd Michael Perry Organizations: Hyundai, Hyundai Motor, Reuters, Korea University's School of Law, Analysts, Korea Investment, Securities, Thomson Locations: SEOUL, KS, South Korea, Korean, Korea, Europe

☆ Japan's price trend gauges hit record, signal broadening inflation
▼ + stars: | 2023-08-23 | by ( Leika Kihara | ) www.reuters.com time to read: +2 min

A man walks at the headquarters of Bank of Japan in Tokyo, Japan, January 18, 2023. Based on the government's consumer price data, the Bank of Japan (BOJ) releases several measurements of underlying inflation that look at the distribution of price changes. The indices are closely watched by the BOJ for clues on whether price rises are driven by one-off factors like fuel, or broadening enough to sustainably hit its 2% inflation target. The ratio of items that saw prices rise year-on-year hit a record 85.6% in July. Japan's annual core consumer inflation hit 3.1% in July, slowing from 3.3% in June due to sliding utility bills but staying above the BOJ's target for the 16th straight month.

Persons: Issei Kato, Naoya Hasegawa, Kazuo Ueda, Leika, Shri Navaratnam Organizations: Bank of Japan, REUTERS, Rights, Okasan Securities, Reuters, Thomson Locations: Tokyo, Japan

☆ US seeks trade panel to resolve labor conflict at Mexican mine
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +3 min

The logo of mining and infrastructure firm Grupo Mexico is pictured at its headquarters in Mexico City, Mexico, August 8, 2017. In a statement, the Office of the U.S. Trade Representative (USTR) said it disagrees with the Mexican government's determination. "It is appropriate to request a panel to verify the facility's compliance with Mexican labor laws," the USTR said. Companies have closely watched U.S. labor complaints play out since the 2020 start of the USMCA, which replaced NAFTA. Reporting by Daina Beth Solomon in Mexico City and Paul Grant in Washington; Additional reporting by Brendan O'Boyle in Mexico City; Editing by Dan Whitcomb, Andy Sullivan & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Ginnette, Daina Beth Solomon, Paul Grant, Brendan O'Boyle, Dan Whitcomb, Andy Sullivan Organizations: Grupo, REUTERS, MEXICO CITY, U.S, Grupo Mexico's, U.S . Trade Representative, Companies, Miners, Grupo Mexico, Thomson Locations: Grupo Mexico, Mexico City, Mexico, WASHINGTON, MEXICO, Grupo Mexico's San Martin, United States, Canada, Mexican, San Martin, U.S, Washington

☆ Trump's universal tariffs would stifle economy, fuel inflation - White House
▼ + stars: | 2023-08-23 | by ( Nandita Bose | ) www.reuters.com time to read: +2 min

A view of the White House in Washington, U.S. January 18, 2021. REUTERS/Jim Bourg/File Photo Acquire Licensing RightsWASHINGTON, Aug 23 (Reuters) - The White House said on Wednesday former President Donald Trump's proposal to impose new tariffs on all foreign imports would hurt America's working families, damage the economy and fuel inflation. Among the ideas they discussed was Trump's plan to enact a universal baseline tariff on virtually all imports to the United States if elected, the report said. "Combining a sweeping tariff tax on the middle class with more trickle-down tax welfare for rich special interests would stifle economic growth and fuel inflation," White House spokesman Andrew Bates said. Trump, Florida Governor Ron DeSantis and former UN Ambassador Nikki Haley have all called for the United States to end permanent normal trade relations with China.

Persons: Jim Bourg, Donald Trump's, America's, Trump, Andrew Bates, Bates, Biden, Xi Jinping, Ron DeSantis, Nikki Haley, Nandita Bose, Shri Navaratnam Organizations: White, REUTERS, Rights, Washington Post, U.S, Reuters, Thomson Locations: Washington , U.S, New Jersey, United States, China, Trump , Florida, Trump, Washington

☆ Dollar eases before Jackson Hole, yen rises amid intervention jitters
▼ + stars: | 2023-08-22 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

U.S. Dollar and Chinese Yuan banknotes are seen in this illustration taken January 30, 2023. China's yuan briefly popped to a one-week high as the central bank again tried to bolster the currency by setting a much stronger-than-anticipated daily mid-point, but those gains fizzled out quickly. Money markets currently lay a bit less than 50/50 odds for another 25 basis point Fed hike by November, before the central bank shifts to rate cuts next year. Traders are wary of intervention after levels around 146 spurred the first yen buying by Japanese officials in a generation last September. On Thursday, the dollar reached 146.565 yen for the first time since Nov. 10.

Persons: Dado Ruvic, Jerome Powell, Kazuo Ueda, Richard Franulovich, Powell, Kristina Clifton, Kevin Buckland, Simon Cameron, Moore Organizations: REUTERS, Rights, U.S, Federal, Bank of Japan, U.S ., Westpac, Treasury, Traders, Sterling, Commonwealth Bank of Australia, Thomson Locations: Bank, Jackson Hole , Wyoming, China's, Beijing, China

☆ Oil dips on possible easing of tight supply, China woes hurt demand outlook
▼ + stars: | 2023-08-22 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

"Crude oil struggled to keep its head above water on signs of supply tightness easing," said Brian Martin and Daniel Hynes, analysts from ANZ Bank in a note to clients. Iraq's oil minister Hayan Abdel-Ghani arrived in the Turkish capital Ankara to discuss several issues including the resumption of oil exports through the Ceyhan oil terminal, a source in the minister's office told Reuters on Monday. Meanwhile, gloom over the economic outlook in China, the world's second biggest oil consumer, continued to pressure oil prices and heighten worries about fuel demand. Putting a floor to oil prices, U.S. crude oil and gasoline inventories were expected to have fallen last week, a preliminary Reuters poll showed, as the American Petroleum Institute industry group is due to release data later on Tuesday. U.S. economic data over recent weeks has bolstered expectations for the Fed to keep rates higher for longer, putting a dampener on the demand outlook for oil and a broad range of consumer goods.

Persons: Lucy Nicholson, Brent, Brian Martin, Daniel Hynes, Hayan Abdel, Ghani, Muyu Xu, Katya Golubkova, Shri Navaratnam Organizations: REUTERS, Rights, . West Texas, ANZ Bank, Reuters, International Chamber of Commerce, of, Petroleum, Eurasia Group, American Petroleum Institute, Energy Information Administration, U.S . Department of Energy, PMI, Federal, Jackson, Fed, Thomson Locations: Bakersfield , California, OPEC, Turkish, Ankara, Turkey, Iraq, China, Beijing, Eurasia, Singapore, Tokyo

[1/2] Pedestrians walk on an overpass near skyscrapers at the Central Business District (CBD) in Beijing, China August 21, 2023. China's prolonged economic slowdown this year comes amid weakening demand both at home and globally, a property crisis and rising unemployment. "China will continue to expand market access, comprehensively optimise the business environment ... and protect the rights and interests of entrepreneurs in accordance with the law." Eskelund, who is also Chief Representative for Danish shipping giant Maersk in Greater China and Northeast Asia, said: "I think China is evolving. This has come as European leaders have also emphasised derisking their economic ties with China.

Persons: Florence Lo, Jens Eskelund, crackdowns, Eskelund, Valdis, Laurie Chen, Shri Navaratnam Organizations: Central Business, REUTERS, European Chamber of Commerce, Reuters, China ., China . European Union, Thomson Locations: Beijing, China, BEIJING, Greater China, Northeast Asia, Danish, China . European

☆ Morning Bid: Skyrocketing yields in the spotlight
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Tom WestbrookBond selling extended on Tuesday to drive 10-year Treasury yields to fresh 16-year highs in Asia trade and leave already-nervous stock markets cautious. But it isn't inflation, as inflation expectations have hardly budged -- investors are plainly demanding a higher return to keep on buying the stuff. Some analysts have drawn attention to the coincidence of timing between the selloff and the Bank of Japan's signal that it would allow 10-year Japanese yields as high as 1%. Small beer on the data calendar on Tuesday will keep the focus on yields and on Fed Chair Jerome Powell's Jackson Hole speech on Friday. The yen took a small boost on the risk of intervention after Bank of Japan Governor Kazuo Ueda met with Prime Minister Fumio Kishida.

Persons: Dado Ruvic, Tom Westbrook Bond, Jackson, Jerome Powell's Jackson, HSI, Thaksin Shinawatra, Kazuo Ueda, Fumio Kishida, Ueda, Shri Navaratnam Organizations: REUTERS, Bank of, BHP Group, Bank of Japan, Reuters, Better, Thomson Locations: Asia, Shanghai, Hong Kong, China, Bangkok

New Governor of Bank of Japan Kazuo Ueda meets Japanese Prime Minister Fumio Kishida at prime minister?s official residence in Tokyo, Japan, April 10, 2023. The discussions took place in the wake of the dollar's recent ascent above 145 yen, a level that in September 2022 triggered Japan's first yen-buying operation since 1998. "There wasn't anything in particular discussed today," Ueda told reporters after the meeting, when asked whether the two held talks on recent exchange-rate volatility. Ueda also said he explained to Kishida the Bank of Japan's decision last month to loosen its grip on long-term interest rates. It was the second such meeting since Ueda assumed the top BOJ post in April.

Persons: Bank of Japan Kazuo Ueda, Fumio Kishida, Kimimasa, Ueda Yen, Kazuo Ueda, Japan's, Ueda, Haruhiko, Shunichi Suzuki, Tetsushi Kajimoto, Satoshi Sugiyama, Chang, Ran Kim, Edmund Klamann Organizations: Bank of Japan, REUTERS Acquire, Ueda, Bank of, Soaring U.S, Treasury, Thomson Locations: Tokyo, Japan, TOKYO

☆ Oil edges up on tighter supplies, heating oil prices
▼ + stars: | 2023-08-21 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices - dataBouyant price of heating oil lifts crude prices - analystChina economic sentiment, US rate hike risk continues to weighLONDON, Aug 21 (Reuters) - Oil prices edged higher on Monday as tighter supply reflected in fewer exports from Saudi Arabia and Russia and high heating oil prices outweighed concerns about global demand growth amid high interest rates. The September WTI contract expires on Tuesday and the more active October contract gained 78 cents to $81.44 a barrel. As well, "the dollar seems to be taking somewhat of a breather, which would be providing some support," he said. A weaker dollar makes oil purchases less expensive for holders of other currencies, sparking demand. Also supporting crude is the buoyant price of heating oil, which is in focus as the northern hemisphere approaches darker months, said John Evans of oil broker PVM.

Persons: Lucy Nicholson, Brent, Warren Patterson, ING's, John Evans, Stefano Grasso, Natalie Grover, Florence, Mohi Narayan, Shri Navaratnam, Tom Hogue Organizations: REUTERS, U.S, West Texas, Organization of, Petroleum, Thomson Locations: Bakersfield , California, China, Saudi Arabia, Russia, OPEC, Saudi, 8VantEdge, Singapore, London, Florence Tan, New Delhi

It's likely that workers at the Chevron (CVX.N) plants will join their Woodside colleagues in authorising industrial action, which could then be launched with a seven-day notice period. The worst-case scenario is that industrial action is prolonged and forces a total shutdown of the three plants. The most likely outcome for the time being remains limited industrial action, ongoing negotiations and an eventual settlement that sees the unions get some of what they want, most likely in exchange for some longer-term guarantees. LNG imports by Asia, Europe vs spot Asia priceASIA IMPORTS RISINGAsia's imports for August are expected to lift to 22.86 million metric tons, according to data compiled by commodity analysts Kpler. This would be up from 21.61 million metric tons in July and would be the strongest month since January's 23.37 million.

Persons: Dado Ruvic, It's, Europe's, Shri Navaratnam Organizations: REUTERS, Rights, Woodside Energy, West, Offshore Alliance, Chevron, Woodside, Kpler, Reuters, Thomson Locations: Rights LAUNCESTON, Australia, Woodside, Western Australia, Asia, Europe, North Asia, ASIA, Japan, South Korea, South, Russia, Ukraine

☆ Oil prices climb on expectations of lower OPEC+ exports in August
▼ + stars: | 2023-08-21 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsSummary China draws on record inventories amid high prices -analystsRussia remains China's top crude supplier in July -dataChina's July diesel exports surge -dataSINGAPORE, Aug 21 (Reuters) - Oil prices rose on Monday as global supply is tightening with lower exports from Saudi Arabia and Russia, offsetting nagging concerns about global demand growth amid high interest rates. The September WTI contract expires on Tuesday and the more active October contract gained 73 cents to $81.39 a barrel. Supply is tightening, however, with OPEC+ crude exports set to fall a second month in August, said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore, citing preliminary data from shiptracking firm Kpler. "Unless there is a recession and demand slows or drops, OPEC+ is in control." Meanwhile, Chinese refiners ramped up refined products exports in July, drawn by strong export margins.

Persons: Lucy Nicholson, Brent, Stefano Grasso, " Grasso, Baker Hughes, Florence Tan, Shri Navaratnam, Tom Hogue Organizations: REUTERS, U.S, West Texas, U.S ., Organization of, Petroleum, Thomson Locations: Bakersfield , California, China, Russia, SINGAPORE, Saudi Arabia, 8VantEdge, Singapore, OPEC, Saudi, United States

☆ Asia stutters as China doles out meagre rate cut
▼ + stars: | 2023-08-21 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

China's central bank trimmed its one-year lending rate by 10 basis points and left its five-year rate unmoved, a surprise to analysts who had expected cuts of 15 basis points to both. Disappointment at the meagre move saw Chinese blue chips (.CSI300) ease 0.3%, while the Australian dollar took a dip as a liquid proxy for China risk. Analysts at Goldman Sachs, meanwhile, argue there is still scope for investors to add to equity positions. The ascent of the dollar and yields was weighing on gold at $1,887 an ounce , having touched a five-month low last week. Brent was up 38 cents at $85.18 a barrel, while U.S. crude bounced 45 cents to $81.70 per barrel.

Persons: Issei Kato, Fed's Jackson, Nvidia, Goldman Sachs, Jerome Powell, Powell, Marc Giannoni, Brent, Wayne Cole, Shri Navaratnam Organizations: REUTERS, Nikkei, China, Japan's Nikkei, FTSE, Nasdaq, Goldman, U.S, Jackson, Barclays, Thomson Locations: Tokyo, Japan, SYDNEY, China, Beijing, Asia, Pacific, Atlanta

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